TAS Excerpt from the 2020 August Market report

20 Aug 2020

According to CoreLogic, median rents in the Tasmanian capital went down by 2.3% over the quarter to $454, close to the record-high decline in September 2012 when rents fell due to the weak economic growth and an uptick in unemployment.

Overall, national median rents went down by 0.5% over the quarter. Sydney recorded the most substantial decline next to Hobart at 1.3%. Capital cities have been bearing the brunt of the economic shocks arising from the COVID-19 outbreak. In fact, rents in state capitals declined by 0.7% in the quarter, compared to the 0.2% rise in rents across regional markets.

The report said several rental demand factors, which have been affected by the COVID-19 outbreak, have contributed to Hobart's rent decline.

For instance, the city's workforce has significant exposure in the accommodation, food, arts, and recreation sectors. In fact, 12.7% of Hobart workforce is in these sectors, higher than the average of 9% across other capital city regions.

Area Property Type State Median Price Quarterly Growth 12 month Growth Weekly Median Advertised Rent Gross Rental Yield
Country Houses TAS $345,000 2.5% 9.2% $320 5.0%
Country Units TAS $288,000 0.8% 1.9% $270 5.2%
Metro Houses TAS $498,500 0.0% 7.5% $450 4.7%
Metro Units TAS $457,500 2.6% 7.7% $395 5.1%

Source: CoreLogic, August 2020

Top Suburbs : coolbellup , penrith , gladesville , cardiff south , redcliffe

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